InMode Reports Record Second Quarter 2021 Financial Results

Official numbers released to the market confirm preliminary results - 184% YoY Growth, and this through one of the toughest periods all of us are experiencing. In addition, the full-year forecast has been upgraded to exceed initial predictions. All thanks to our great partners and customers who continue to be the driving force behind the ongoing success of InMode!

OKNEAM, Israel, July 28, 2021 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights:

• Record quarterly revenues of $87.3 million, an increase of 184% compared to the second quarter of 2020: InMode's proprietary surgical technology platforms engaged in minimally invasive and subdermal ablative treatments represented 71% of quarterly revenues, while 22% came from InMode's hands-free platforms and 7% from InMode's traditional laser and non-invasive RF platforms
• Record GAAP net income of $40.9 million, compared to $8.6 million in the second quarter of 2020; *non-GAAP net income of $43.9 million, compared to $10.1 million in the second quarter of 2020
• Record GAAP diluted earnings per share of $0.95, compared to $0.21 in the second quarter of 2020; *non-GAAP diluted earnings per share of $1.02, compared to $0.24 in the second quarter of 2020
• Total cash position of $332.9 million as of June 30, 2021, including cash and cash equivalents, marketable securities and short-term bank deposits

*Please refer to "Use of Non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation and related tax adjustments.

Management Comments
"We are happy to report another strong quarter and share the successful results of our growth strategy. We've seen advancements in key areas of our business and our minimally invasive technologies are becoming the gold standard," said Moshe Mizrahy, CEO of InMode. "Consumable and service revenues have continued to experience high growth, increasing 22% from last quarter. This indicates that physicians are successfully adopting our procedures as well as keep increasing the use of each InMode system, which leads to a growing contribution of consumables to our overall revenues."

"Consumer demand is on a fast-track recovery to pre-COVID levels and was higher than anticipated in Q2. The pent-up demand is now being complemented by purchases and supported by long-term, sustainable industry trends for hands-free devices and minimally invasive procedures. We have also seen higher overall transaction amounts, which is attributed to the growing demand for our products but also to the ongoing training of our sales force. We are pleased to see high physician and patient satisfaction with our products and services. The attendance for our events has also been better than the pre-pandemic market, which is encouraging to see," stated Shakil Lakhani, President of InMode North America.

"It is with considerable optimism that we are launching Empower, a new platform focused on women's health, on August 15^th. Empower will significantly increase our business in women's health and mark our major expansion into the gynecology market, which is three times the size of the aesthetics market. InMode will market this medically oriented platform to OB/GYN doctors, further diversifying our client base and verticals," commented Dr. Michael Kreindel, CTO and co-founder of InMode.

Yair Malca, CFO of InMode, added, "Recent business expansions in key markets contributed to InMode reporting record numbers. Operations outside the U.S. represented 34% of the business in H1 2021, compared to 23% in H1 2020. Asia and Europe were the biggest regions supporting InMode's growth outside the U.S. this quarter. As the market demand in the U.S. and globally increases, we believe that our profitable growth will continue, especially in light of our ever-expanding pipeline."

"As a company that values ESG [Environmental, Social and Governance] principles, we keep implementing our ESG initiatives across the board as we strive to use best practices in all our interactions with physicians, patients, shareholders, and partners. We are committed to holding ourselves to the highest standards as we expand globally and now operate in a total of 68 countries," commented Sandra Ziv, ESG Manager.

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